Industrial machinery is a device or machine that makes use of electrical and mechanical energy to perform work. Industrial machines include heavy machines that are used in construction, manufacturing, farming, mining, and others. These industrial machines reduce the efforts of humans and increase the efficiency and speed of the work. It is expected that the rising population, along with high disposable income among middle-class people will drive growth of the industrial machinery market during the forecast period. Installation of electronic devices, including global positioning systems in farming and other machinery, assists in connecting several different tools to create a balanced and systematic approach. The technologically advanced and equipped equipment helps the overall productivity, enhances the efficiency, leads to increased demand for industrial machineries, thus, contributes towards the growth of industrial machinery market during the forecast period.
Based on machinery type, the industrial machinery market is segmented into packaging machinery, food processing equipment, plastics processing machinery, metal forming machine tools, and woodworking machinery. The food processing equipment segment led the industrial machinery market in 2019.
A few of the key players operating in the global industrial machinery market, which are AB Electrolux, Alfa Laval, AMADA CO., LTD., GEA Group, HAITIAN INTERNATIONAL, MITSUBISHI HEAVY INDUSTRIES, LTD, SCHULER GROUP, Sumitomo Heavy Industries, Ltd., Syntegon Technology GmbH (Bosch Packaging Technology), and THE ADELPHI GROUP OF COMPANIES.
Overall size of the global industrial machinery market has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the industrial machinery market with respects to all segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the industrial machineries.